PalmPay, one of Nigeria’s fastest-rising digital banking champions, has added a new chapter to the nation’s financial innovation story.
It began like any other day, engineers in quiet rooms, dashboards glowing, and lines of code waiting to come alive. But behind the scenes, something historic was unfolding.
In a groundbreaking moment for Nigeria’s digital economy, PalmPay, working hand-in-hand with Wema Bank, executed the very first live transaction on the Nigeria Inter-bank Settlement System’s new National Payment Stack (NPS), an advanced infrastructure designed to transform how money flows across the country.
This wasn’t just a technical milestone; it was a symbolic one. It marked the beginning of a future where payments move faster, smarter, and more securely, powered by homegrown innovation and collaboration.
With this achievement, PalmPay once again affirmed its role not just as a participant in Nigeria’s payment revolution but as one of the key architects shaping its next era.
The first live transaction, which happened at exactly 11:56 am on Friday, November 7, 2025, marks a new era in Nigeria’s financial innovation journey and reinforces PalmPay’s role as a trusted pioneer in the payment ecosystem.
This achievement rides on the back of the brand’s growing reputation as a fintech innovator, following recent global recognitions as Financial Times Africa’s Fastest-Growing Companies 2025 and CNBC and Statista’s Top 300 Global Fintech Companies for two consecutive years (2024 and 2025) for its impact, scale, and commitment to inclusive growth across emerging markets.
A Milestone that Redefines the Future of Payments
The National Payment Stack (NPS), powered by NIBSS, builds on the success of the NIP infrastructure, introducing greater speed, interoperability and real-time settlement across the financial ecosystem. Designed to meet international standards, NPS enhances cross-border payment capabilities while introducing more advanced security features, including digital signatures and multi-factor authentication to safeguard users and institutions.
Beyond its technical advancements, the National Payment Stack (NPS) sets a new
benchmark for Nigeria’s leadership in Africa’s finance landscape. Through the ISO 20022 global messaging standards, Nigeria is now positioned as a regional hub for seamless and secure cross-border transactions.
Commenting on the landmark achievement, Premier Oiwoh, the managing director/chief executive officer of the NIBSS, said:
“We commend PalmPay for this historic achievement as one of the key collaborators in executing the first successful transaction on the National Payment Stack (NPS). This milestone reflects our shared commitment to advancing a faster, safer and more interoperable payment ecosystem for Nigeria. The NPS represents the next frontier of innovation designed to power inclusion, efficiency and growth across the financial industry. We look forward to more institutions coming on board as we collectively shape the future of payments in Nigeria and across Africa.”
Also speaking, Jaipei Yan, group chief commercial officer at PalmPay, stated,
“This achievement is a win for Nigeria and Nigerians. PalmPay is all about providing smarter banking solutions. Since our launch six years ago, we have focused on bridging the gap between innovation and everyday financial inclusion. It was an absolute delight to work with NIBSS and other stakeholders on this remarkable milestone.”
By pioneering this milestone, PalmPay not only strengthens its credibility but also reinforces its alignment with the Central Bank of Nigeria’s drive toward a digital, connected economy.
From ranking among the world’s leading fintech brands to executing Nigeria’s first live transaction on a national payment infrastructure, PalmPay is proving that innovation, when purpose-driven, can transform economies.
Looking ahead, PalmPay aims to accelerate its vision of a connected, digital, and financially inclusive Africa, combining global standards with local relevance to build technology that truly empowers people and businesses.
